CCI - CEO / CFO Meeting Takeaways

研报英文原文证据摘录

CCI - CEO / CFO Meeting Takeaways

Truist Securities

Equity Research Report June 4, 2026

TMT: Data Centers, Communications Crown Castle Inc. (CCI)

Infrastructure & Technology

Matthew Niknam

212-326-6151

Matthew.Niknam@truist.com We recently hosted an investor meeting with CEO Chris Hillabrant, CFO Sunit Patel, and

VP Corporate Finance/Treasurer Hamilton West at NAREIT this week.

Mo Chen Bottom line, we came away incrementally constructive on the "CCI 2.0" strategy, with CCI

212-590-0901 emerging post its sale of Fiber/Small Cell assets as the lone pure play US Tower company,

Mo.Chen@truist.com and with the business set to see upside inflections in organic leasing and AFFO/share

growth in 2027E.

Joshua Park

212-537-8788

Joshua.Park@truist.com We highlight several key points below - please feel free to reach out for additional

details / color:

* 2027E net organic billings growth should improve off of the ~3.5% level this year

(normalized for Dish (SATS, NR) churn), with visibility aided by MLA's (master lease

Stock Rating HOLD agreements) in place and the company's understanding of carrier investment needs (in light

Unchanged of annual mobile data growth and the prioritization of network quality amidst wired/wireless

Price Target $95.00 convergence).

Unchanged * New spectrum to be auctioned (~800MHz in total, through 2034E) further enhances

CCI's visibility re: incremental leasing activity, which is likely to include capacity for both

5G dentification and initial 6G deployments.

TR to Target 12.0% * What can CCI 2.0 do better? Beyond operating a more lean organization with an

Price (Jun. 3, 2026) $88.62 enhanced focus on its core Tower business, we highlight several notable points:

52-Wk Range $113.91-$76.96 (1) Close the gap vs.